Corporate Property Associates 14 Increases Quarterly Dividend
NEW YORK, NY – September 20, 1999 – Corporate Property Associates 14 (CPA®:14), an affiliate of W. P. Carey & Co. LLC, announced that its Board of Directors has approved the third quarter dividend for this public REIT.
The dividend for the quarter ended September 30, 1999 to shareholders of record on September 30, payable October 15, 1999, rose to $.1629 per share, an increase of two basis points over the prior quarter.
Chairman Wm. Polk Carey commented, "During the third quarter, our liquidity has continued to position us well to negotiate effectively on a range of attractive investments. Our strong relationships with existing corporate tenants as well as our years of experience and expertise in identifying qualified new tenants, is enabling us to build an attractive investment portfolio. On behalf of CPA®:14 our core strategy, as with our other W. P. Carey Group investment programs, is the acquisition of single tenant industrial, retail and office facilities leased to growing dynamic companies under long term, triple-net leases. By adhering to these established parameters, we have generated a steady performance for all the Carey programs through economic and real estate cycles over the last two decades."
Founded in 1973, W. P. Carey & Co. LLC, a leader in the ownership and net leasing of corporate properties, specializes in corporate real estate financing using the corporate net lease, or sale-leaseback structure. The $3.0 billion W. P. Carey Group, which includes the firm and its affiliates, is one of the largest lessors of net leased corporate real estate in the nation. The W. P. Carey Group manages the largest publicly traded limited liability company listed on the New York Stock Exchange and four real estate investment trusts (REITs). Collectively, Carey manages over 33 million square feet of property located in the United States and Europe leased to a diverse group of corporate tenants.
This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
